Los Angeles daily herald., 1887-10-11
FINANCIAL FAILURE.
The Post Bank Of Chey-
enne Closes its Doors.
CAUSES OF EMBARRASSMENT.
Dollar for Dollar Promised to the
Creditors-Excitement at a
Branch Office.

hSSOcldUeu ITcsb DlspitCncs " INC 1ibhAib'
CHEYENNE, October 10.-The bank
ing house of Merton E. Post & Co.,
suspended to-day. The following
notice was posted on the bank at OPP
ening time this morning: "To our
customers Owing to the absolute i'm
possibility OF collecting the moneys
due us upon the loans to meet heavy
continued drawing funds from the
bank we are forced to suspend pay
ment and make an assignment for
the benefit of our creditors. We shall
pay dollar for dollar just as soon as
our loans are collected and business
settled up. A hurried inventory OF
our assets and liabilities, including
the bank at West Cliff, Col, and
personal affairs show as follows: AS
sets, $9O3. $40; liabilities, $494 800
balance, $409, ,270."
RESULT OF THE ANNOUNCEMENT.
The failure created but little excite
ment here, and no run on other banks
occurred. The business people have
expected the failure for some time,
and were very light depositors. The
losses, however, fall heavily upon the
working people, railroad employees es-
pecially. T. L. Warren and A. G..
Marshall are the assignees. They
state that if time is given them. for
the collection of assets that the depos-
itors will be paid in full. Mr.. Post
has turned in to the assignees his
handsome residence here, together
with his horses, carriages and other
personal property. Morton E. Post.
the leading member OF the suspended
firm, is we'll known throughout the
West az a successful business man
and politician.
-. CAUSE OF THE TROUBLE.
The failure of the bank is attributed
to the inability to collect the large
loans made to stocklen during the
prosperous days of the csttle business,
and while the statement made by the
bank looks encouraging, itAs feared
that the depositors will, lose heavily.
The; branch bank of the firm at West
Cliff, Colo, will be closed by the
failure
THE BRANCH BANK.
WEST CLIFF, Col, October 10.-The
announcement this afternoon of the
closing of the West Cliff Bank OF this
place, which is branch of the M. +.
Post & Co. house at Cheyenne, caused
the widest excitement, as nearly every
business man here and a few in Silver
Cliff are depositors, and should the
failure be complete a number will
suffer quite severely. The complica-
tions which has brought about this
sudden and unlocked for trouble ex-
ist not with the bank here, which is
solid, so to speak, having money and
collateral more than sufficient to sat
isfy its depositors dollar for dollar.
No one feels the embarrassment more
keenly than the cashier, Mr.. Bell,
who, as the administrator for Cowle's
estate, has laid up in the bank about
$4,000. -
VICIOUS PROCEEDINGS. ,fs
A few smaller depositors and one or
two personal enemies of Mr.. Bell,
who had not one cent in the bank,
have been urging violence, and to-
night at s o'clock quite a num-
Der were talking over the mat
ter in state of excitement. The
bank is guarded by Under-Sheriff
Carr, Mr.. G. H. johnson of the Secur-
ity Mining Company, and VIM.
Wolff, all Of whom have large deposits
therein.
AN OFFICIALS STATEMENT.
s Mr.. McGill from the Cheyenne
bank arrived this afternoon but has
been refused admission to the bank:
In an interview this evening he stated
that the embarrassment would be but
temporary and the resources of Post
& Company were in excess of the
liabilities about 100000. A correct
list of the depositors could not be
obtained. Should an investigation
be permitted by the now excited
people it is thought that arrangements
will be made whereby every depositor